Corvis Announces Private Placement of Up to $300 Million

Corvis Corporation announced a private placement of $225 million of senior unsecured convertible notes to several institutional investors. The definitive agreement provides that Corvis may require the investors to purchase, or the investors may, in limited circumstances, require Corvis to issue, up to an additional $75 million of senior unsecured convertible notes as well as associated warrants.


The company said it intends to use the net proceeds for general corporate purposes in support of its service development and new market initiatives, and for strategic acquisitions for Broadwing Communications, a consolidated subsidiary of Corvis. http://www.corvis.com